Rupeeflo, a fintech startup, has raised USD 1 million in funding in a pre-seed round. The funding was led by Piper Serica Angel Fund, wherein, the round also saw participation from Fintech veterans which include Ravi Shankar (co-founder of Active AI), Kishore Natarajan, and Kedar Kulkarni (co-founder of Hyperverge). This funding would be utilized to roll out a full-stack NRI investment platform, and expand its wing globally, and introduce an instant UPI access.
The startup was founded by Dharmendra Maurya, Ashish Jha, and Manav Bharambe back in 2020 and is known in the market for streamlining banking and investing for NRIs in India. It has its presence in the U.S. and U.K., and aims to expand across global NRI hubs.
With Rupeeflo, NRIs can now digitally apply for an NRE/NRO account in less than 10 minutes or have easy and paperless access to stock markets, mutual funds, and index fund without burdening oneself to regulatory headaches.
“We see this as one of the biggest untapped opportunities in fintech. In the USA alone, NRIs have over $300 billion in low-yield savings overseas because investing in India has been too complex. We are fixing the problem so that they can participate in India's future instead of just watching from the sidelines,” said Ashish Jha.
If we speak of the founder, Piper Serica is an asset manager investing in India’s public and private markets and manages a SEBI-registered PMS, runs the Piper Serica Angel Fund for early-stage startups, and advises a Mauritius-based offshore fund. It is said to oversee over Rs 1,000 crore in assets.
